This bill directs the Government Accountability Office (GAO) to: (1) commence and complete an audit of the Board of Governors of the Federal Reserve System and of the Federal Reserve Banks within 12 months of enactment of this Act, and (2) report findings and conclusions to Congress within 90 days of completing the audit.

The bill also repeals certain limitations upon such an audit.

GAO shall audit and report on the review of loan files of homeowners in foreclosure in 2009 or 2010, required as part of the enforcement actions taken by the Board against supervised financial institutions.

Audit contents shall include: (1) the guidance given by the Board to independent consultants retained by the supervised financial institutions regarding procedures to be followed in conducting the file reviews; (2) the factors considered by independent consultants when evaluating loan files and the results obtained pursuant to those reviews; and (3) the determinations made by such consultants regarding the nature and extent of financial injury sustained by each homeowner, as well as the level and type of remediation offered.

]]>2016-01-04T19:46:29ZIntroduced in Senate2015-01-27T05:00:00ZIntroduced in Senate2015-01-27SenateSen. Paul, Rand [R-KY]PaulP000603Rand8308P0006032082RKY1.0.0Accounting and auditingBank accounts, deposits, capitalCongressional oversightFederal Reserve SystemGovernment studies and investigationsHousing finance and home ownershipFinance and Financial Sector11426422015-01-27ssbk00Banking, Housing, and Urban Affairs Committee0SenateRead twice and referred to the Committee on Banking, Housing, and Urban Affairs.IntroReferralIntroReferralIntroduced in Senate9Library of Congress2015-01-2710000112015-01-271142016-01-12Motion to proceed to consideration of measure withdrawn in Senate. (consideration: CR S63)Federal Reserve Transparency Act of 20152232SRelated billCRSFederal Reserve Transparency Act of 20152015-01-27Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.2018-02-02T22:13:00Z2015-01-28T04:46:19ZA0003688315A0003682075RSen. Ayotte, Kelly [R-NH]KellyNH2015-01-27AyotteTrueB0012618300B0012611881RSen. Barrasso, John [R-WY]JohnWY2015-01-27BarrassoTrueB0005758313B0005751464RSen. Blunt, Roy [R-MO]RoyMO2015-01-27BluntTrueB001236B00123616878247RSen. Boozman, John [R-AR]JohnAR2015-01-27BoozmanTrueB001135153B0011358286RSen. Burr, Richard [R-NC]RICHARDNC2015-01-27BURRTrueC00107579641925C001075RSen. Cassidy, Bill [R-LA]BillLA2015-01-27CassidyTrueC001056C00105616928295RSen. Cornyn, John [R-TX]JohnTX2015-01-27CornynTrueC0008802508289C000880RSen. Crapo, Mike [R-ID]MICHAELID2015-01-27CRAPOD.TrueC0010982175C001098RSen. Cruz, Ted [R-TX]TedTX2015-01-27CruzTrueG000562G00056219987862RSen. Gardner, Cory [R-CO]CoryCO2015-01-27GardnerTrueG000386G0003864578316RSen. Grassley, Chuck [R-IA]CHARLESIA2015-01-27GRASSLEYERNESTTrueH000338H00033813518314RSen. Hatch, Orrin G. [R-UT]ORRINUT2015-01-27HATCHGRANTTrueH001041H00104118638060RSen. Heller, Dean [R-NV]DeanNV2015-01-27HellerTrueI00005516088323I000055RSen. Isakson, Johnny [R-GA]JohnnyGA2015-01-27IsaksonTrueK000360K00036016478285RSen. Kirk, Mark Steven [R-IL]MARKIL2015-01-27KIRKSTEVENTrueL00057581132050L000575RSen. Lankford, James [R-OK]JamesOK2015-01-27LankfordTrueL00057720808303L000577RSen. Lee, Mike [R-UT]MikeUT2015-01-27LeeTrueM0003558254M0003551395RSen. McConnell, Mitch [R-KY]MITCHKY2015-01-27MCCONNELLTrueM00093415078307M000934RSen. Moran, Jerry [R-KS]JERRYKS2015-01-27MORANTrueM00115316948234M001153RSen. Murkowski, Lisa [R-AK]LisaAK2015-01-27MurkowskiTrueP0004498266P000449924RSen. Portman, Rob [R-OH]ROBOH2015-01-27PORTMANTrueR000584R00058418968274RSen. Risch, James E. [R-ID]JamesID2015-01-27RischE.TrueR000595R00059520848242RSen. Rubio, Marco [R-FL]MarcoFL2015-01-27RubioTrueS00118420568141S001184RSen. Scott, Tim [R-SC]TimSC2015-01-27ScottTrueT00025015348257T000250RSen. Thune, John [R-SD]JOHNSD2015-01-27THUNER.TrueT000461T0004611594RSen. Toomey, Pat [R-PA]PatPA2015-01-27ToomeyTrueV0001278267V0001271609RSen. Vitter, David [R-LA]DavidLA2015-01-27VitterTrueP0006122286P000612RSen. Perdue, David [R-GA]DavidGA2015-01-27PerdueAlfredTrueC00104716768223C001047RSen. Capito, Shelley Moore [R-WV]SHELLEYWV2015-01-27CAPITOMOORETrueH0010427913H0010421844DSen. Hirono, Mazie K. [D-HI]MazieHI2015-01-27HironoK.TrueS0011411548S0011418281RSen. Sessions, Jeff [R-AL]JeffAL2015-02-10SessionsFalseD0006182138D000618RSen. Daines, Steve [R-MT]SteveMT2015-02-24DainesFalseR0003079688275R000307RSen. Roberts, Pat [R-KS]PATKS2015-11-03ROBERTSFalseS0011982290S001198RSen. Sullivan, Dan [R-AK]DanAK2015-11-05SullivanFalseFederal Reserve Transparency Act of 2015Short Titles as IntroducedA bill to require a full audit of the Board of Governors of the Federal Reserve System and the Federal reserve banks by the Comptroller General of the United States, and for other purposes.Official Title as IntroducedFederal Reserve Transparency Act of 2015Display TitleStandingBanking, Housing, and Urban Affairs Committeessbk00SenateReferred to2015-01-27T21:29:26ZFinance and Financial Sectortext/xmlENPursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.Congressional Research Service, Library of CongressThis file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.